Covering housing in SF, we employ the phrase “That can’t be right” far more often than is probably usual for any other job on the planet. Case in point, this week’s Maximum Overbid is really pushing the definitions of “maximum,” with a Nob Hill sale that hit 775 percent of its original asking price.
The historic but crumbling condo building at 933-939 Jones Street listed for $2.4 million last year, the asking price vacillating back and forth between $2.5 million several times.
Either way, for a couple of hours there it was really looking like both figures vastly underestimated demand, because the sale price this week clocked in at $21 million. Mind you that would be a remarkable figure for a luxury sale, but this building is in an unlivable state. The land, perhaps, is worth a pretty penny–but this is several billion pennies we’re talking about here.
As you’ve probably already guessed, it only took us a few minutes to confirm that this was simple user/computer error and the real sale was for $2.1 million. But this mistake still amounts to news, because so much is automated these days that the bad number was scraped off MLS and repeated on various listing sites already, and some people will believe it. Fortunately, here we have actual human beings checking everything who know that, sadly, this just wasn’t meant to be.
The real biggest overbid of the week is the comparably conservative $1.31 million sale at 1511 44th Avenue–not quite as exciting, but at least it’s the real deal.
| Address | BR/BA/Units | DOM | List Price | Sold Price | Overbid |
|---|---|---|---|---|---|
| 933 Jones Street | N/A/N/A/N/A | 196 | $2,400,000 | $21,000,000 | 775.00% |
| 1511 44th Avenue | 2/1/N/A | 10 | $898,000 | $1,310,000 | 45.88% |
| 126 Thrift Street | 3/2/N/A | 11 | $859,000 | $1,220,000 | 42.03% |
| 388 Madison Street | 5/2/N/A | 8 | $1,099,000 | $1,475,000 | 34.21% |
| 6 Minerva Street | 4/4/N/A | 5 | $1,049,000 | $1,398,000 | 33.27% |
| 2236 Cayuga Avenue | 2/1/N/A | 10 | $995,000 | $1,310,000 | 31.66% |
| 884 43rd Avenue | 2/1/N/A | 13 | $1,300,000 | $1,660,000 | 27.69% |
| 639 Hearst Avenue | 3/2/N/A | 25 | $995,000 | $1,250,000 | 25.63% |
| 456 Vallejo Street | 2/2/B | 66 | $1,095,000 | $1,300,000 | 18.72% |
| 216 Downey Street 218 | N/A/N/A/N/A | 9 | $1,900,000 | $2,180,000 | 14.74% |
As always, if you have any questions you can contact us directly, or throw them in the comments below. Make sure to subscribe to this blog, or follow us on social media @theFrontSteps too. And please do consider giving us a chance to earn your business and trust when it’s time to buy or sell Bay Area property. People like working with us, and we think you will too.